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March 2018

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Readymade garment (RMG) exports from Bangladesh have grown during the first quarter of the current fiscal that ended on September 30, 2011.

Exports of the RMG sector, which has been leading the country's export industry for over past 20 years, rose by 21.2 percent year-on-year during the period, the Export Promotion Bureau (EPB) statistics showed.

While the knitwear sub-sector witnessed a rise of 18.3 percent y-o-y in exports, there was a 24.8 percent y-o-y rise in export of woven items.

However, the growth in export rate is less than the above 30 percent y-o-y increase posted during the corresponding quarter of last fiscal. A drop in exports to leading markets is given as the main factor for a drop in export growth rate.

RMG exports to the US, the country's second leading export market, witnessed an almost one percent fall during the review period. The major hit was experienced mainly during the month of September, according to garment exporters.

There has also been a slowdown in export orders from several EU member nations during the quarter.

Knitwear industry experts attribute the fall in growth rate of country's knit exports to rise in yarn prices, which caused the prices of their end products to go up. As a result, there was a fall in demand for these items in the global market.

As stated by experts, levy of countervailing duty by Turkey, the fourth most leading importer of RMG products from Bangladesh, was also a key factor that affected the performance of the RMG industry.

Turkey has levied a 17 percent countervailing duty on imports from all the Least Developed Countries (LDCs) including Bangladesh.

Export of raw jute and leather increased by 18.7 percent y-o-y and 20 percent y-o-y respectively during the period, while that of other non-RMG items also indicated a double-digit rise.